Jan Van Eck, CEO of VanEck, gave his predictions on the future of Bitcoin and spot ETFs. In an interview with CNBC, he offered an optimistic view of the macroeconomic dynamics affecting Bitcoin and cryptocurrencies for the year ahead.
VanEck’s Spot Bitcoin ETF Predictions
In a recent interview with CNBC, Jan Van Eck, CEO of VanEck, one of the largest asset managers in the United States, made several predictions regarding the future of Bitcoin and its spot ETFs.
While approval of the first spot bitcoin ETF in the United States is expected in mid-January 2024, Jan Van Eck anticipates that the Securities and Exchange Commission (SEC) will verify all applications on the same day.
He explained it The SEC would take this approach so as not to favor one ETF issuer over another :
“I really expect it to all be on the same day. Because that’s what happened with Ethereum futures. Because the SEC decided to suspend everything just based on the paperwork, someone might have had an unfair advantage and they said they would let everyone start at the same time as a matter of policy. »
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This prediction is rather contrary to analysts’ expectations for several weeks, which expect spot bitcoin ETF approval from BlackRock or Grayscale firstthen another.
Jan Van Eck also indicated that he expected the price of Bitcoin in 2024 it will exceed its all-time high of $69,000 :
“(…) MeI fully expect this cycle with this April halving story, which is technically great for Bitcoin, to reach an all-time high in the next 12 months. »
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CEO VanEck refutes arguments used against Bitcoin
During the same interview, Jan Van Eck also took the time to respond to several arguments often used against Bitcoin. In particular, he explained that Bitcoin is not in a speculative bubble, as it has already surpassed its previous all-time high several times. :
“(…) He is like a child growing up. And so you can argue that it’s a bubble, but it popped in 2017 and then hit a new high in 2021. And no asset has ever been in a bubble and then outperformed. »
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When asked why Bitcoin could outperform in the future, then he explains that BTC and gold are 2 similar assets they benefit from the macroeconomic context that is currently favorable for them:
“That’s a macro. Stores of value don’t earn interest, that’s why investors like Warren Buffet don’t like them at all, but they behave relative to interest rates, as you said, it’s a big cycle and interest rates go down. (…) SO, the macro behind Bitcoin and gold is very strong. Other than that, they behave similarly, both peaked in 2021, both peaked this year, but Of course, Bitcoin is gaining more than gold for a variety of reasons. »
Beyond these market-making abilities, Jan Van Eck sees Bitcoin very differently than some people in traditional finance. According to him, it is not possible for another store of value to replace BTC in the world of digital assets.
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Source: CNBC
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